Reflection AI, founded in 2024 by Misha Laskin and Ioannis Antonoglou, is in talks to raise around $2.5 billion at a $25 billion pre-money valuation, according to a report by The Wall Street Journal. Last year, the company was valued at just $545 million, a nearly 46x increase in under a year.
The new round could include participation from JPMorgan Chase through its Security and Resiliency Initiative, which focuses on companies critical to economic stability and national security. Existing investor Disruptive AI is also expected to participate, according to the WSJ.
Reflection has already raised over $2 billion across multiple rounds. In an earlier $1 billion round, NVIDIA led with a $500 million investment, joined by 1789 Capital, an investment fund where Donald Trump Jr. is a partner, and DST Global, the fund of billionaire Yuri Milner, each contributing $100 million.
The company’s mission is part of a wider effort to create open AI models that businesses, labs, and governments can use and adapt for their own needs. The models are designed to be freely available and reusable, helping create a Western alternative to China’s rapidly advancing AI systems, with some investors explicitly describing Reflection as America’s answer to Chinese open AI players such as DeepSeek, as reported by TechCrunch.
The strategy is to give users more control while building a strong ecosystem around NVIDIA’s chips.
Reflection is not fully open source: the company opens its model weights for researchers and developers to use freely, but keeps training data and the full training process proprietary. Revenue will come from large enterprises building products on top of Reflection’s models, and from governments developing sovereign AI systems.
Reflection is also a founding member of NVIDIA’s Nemotron Coalition, alongside Mistral AI, Perplexity, Cursor, LangChain, and Black Forest Labs, a group of AI companies working together to develop open frontier models, with the coalition’s first project being a base model co-developed by NVIDIA and Mistral AI, to be open-sourced for global use.
